Educating students on financial management of NGOs during pandemic

Pune-based St. Mira’s College for Girls (BBA Department) in association with Prayaas Corps organized a webinar for students on 25th August to enlighten them about the financial management of an NGO during the pandemic.

Rekha Kankariya, Assistant Professor and Exam Officer in the college, organized this webinar in association with Team Prayaas Corps and TYBBA student Priyanka Tulsija. The webinar also aimed to equip the students with an understanding of the tough times and challenges being faced by NGOs who have been reaching out to the needy and deprived during the pandemic. “In today’s times, finance which is the lifeblood of business has dried up, making charity and donations to NGOs difficult, threatening their operations. At a time like this, a seminar on this topic is relevant,” said Principal Dr. Gulshan H Gidwani.

The Black Swan Event of COVID-19 has affected the finances of every company drastically. Amongst the hardest hit are NGOs, which depend on the help and support of volunteers and corporates. While the personal finances of the masses have been affected, we tend to overlook social organizations whose only purpose is to serve the underprivileged. There is no option of using the funds of previous years as they’re non- profit-based. So how are the NGOs not only surviving but continuing with their good work during the pandemic?

For an NGO, the primary task is to work towards social service and not financial management. But unless the finances are sorted, the objectives cannot be achieved. So equally imperative is the recognition of the significance of financial management for an NGO. NGOs work tirelessly towards implementing projects that cater to the needs of the deprived people and in this process find it difficult to pay enough attention to financial control. This may lead to vulnerability over financial matters. The webinar was helpful in giving insights into the effects of COVID-19 on the actual fund management by NGO Prayaas Corps.

Rekha Kankariya quoted Idowu Koyenikan: “When money realizes that it is in good hands, it wants to stay and multiply in those hands.” Jaspal Godara, the founder and CEO of Prayaas Corps, provided rich insights into the topic. He dwelt on the sources of finance during the pre-COVID-19 situation and post-COVID-19. Due to the drop in the external contributions after COVID-19, his NGO had to rely on internal sources viz. contributions by the members and the amounts generated from different activities carried out by them. The focus of the NGO has shifted from ‘expanding the reach’ to ‘surviving economically’ as opined by Godara.

Despite the difficulties, Prayaas Corps has reached out to the community by providing meals, food packets, ration kits, medical kits, face masks etc. They have come up with different projects to tide over the financial difficulties viz Prayaas Brigade, Dosti Ki Paathshala, Atmanirbhar Parivar, Khushiyon ki basket, rakhi project etc. Godara said, “I cannot help everyone, but everyone can help someone.”

“The efforts and hard work of the Webinar team is highly appreciated and the webinar was indeed very informative” said Stella Ambrose, former Vice-Principal and Vocational Course Coordinator, St. Mira’s College for Girls. Godara remarked: “I am delighted that I got to conduct this webinar with such wonderful people and a patient and knowledge-hungry audience.”

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